Funding arb · Price arb /

AVAX

all AVAX markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.011%

Price spread now: Backpack against Bybit−0.027%7-day average +0.057% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days−0.071%−$7 on $10k

Price spread, last 4 days (all we have)+0.039%+$4 · spread now −0.027%, 7d avg +0.057%

Together, before fees−0.032%−$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.083% cheaper against Bybit than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of +0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit AVAXUSDT	11.295	0.0100	pay 0.0100% / 8h	2h 21m	$89.6M	$154.9M	75x
Short	Backpack AVAX_USDC_PERP	11.292	0.0100	get 0.0013% / 1h	21m 05s	$334K	$563K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee BackpackbpOrdersPrice spread, now −0.027%Rate

Funding earned: $0
Price spread: −0.027% → +0.057%: −$8.34
Slippage, 4 orders: −$12.94
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$42.28
Costs to cover: 0.339%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Backpack: live order book, 3 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 3 min ago	0.44 bp	10.2 bp −$10	21.8 bp −$218	49.9 bp −$4,985	doesn't fit
Sell Backpack live order book, 3 min ago	0.44 bp	5.4 bp −$5	26.1 bp −$261	doesn't fit	doesn't fit

AVAX on 36 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit AVAX_USDC-PERPETUAL	−0.0281%	1h	11.284	−0.097%	$5.3M	$9.4M	25x	as long as short
Variational Omni AVAX	−0.0130%	8h	11.287	−0.070%	$2.9M	$2.1M	—	as long as short
Nado AVAX-PERP	−0.0088%	1h	11.281	−0.124%	$298K	$960K	10x	as long as short
Injective AVAX/USDC PERP	−0.0043%	1h	11.260	−0.310%	$17K	$152K	12x	as long as short
dYdX AVAX-USD	0.0000%	1h	11.304	+0.077%	$99K	$115K	10x	as long as short
gTrade (Gains Network) AVAX/USD	L +0.0002% / S −0.0004%	1h	11.283	−0.109%	$16K	—	150x	as long as short
Extended AVAX-USD	+0.0048%	1h	11.284	−0.101%	$672K	$2.2M	25x	as long as short
Coinbase International AVAX-PERP-INTX	+0.0056%	1h	11.298	+0.027%	$915K	$8.2M	50x	as long as short
Gate AVAX_USDT	+0.0059%	8h	11.292	−0.027%	$12.6M	$40.2M	75x	as long as short
OKX AVAX-USDT-SWAP	+0.0069%	8h	11.291	−0.035%	$20.1M	$148.7M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex AVAXUSDT	+0.0077%	8h	11.290	−0.044%	$30.2M	$4.9M	50x	as long as short
MEXC AVAX_USDT	+0.0088%	8h	11.290	−0.044%	$55.8M	$110.0M	200x	as long as short
Binance AVAXUSDT	+0.0089%	8h	11.293	−0.018%	$121.0M	$537.5M	75x	as long as short
Lighter AVAX	+0.0096%	1h	11.291	−0.038%	$1.3M	$3.2M	10x	as long as short
Popdex AVAXUSDT	+0.0096%	1h	11.280	−0.133%	$9K	$705K	50x	as long as short
Paradex AVAX-USD-PERP	+0.0097%	8h	11.294	−0.006%	$13K	$766	20x	as long as short
Aster AVAXUSDT	+0.0100%	8h	11.286	−0.082%	$2.3M	$1.9M	75x	as long as short
Pacifica AVAX	+0.0100%	1h	11.304	+0.076%	$300K	$122K	10x	as long as short
Bybit AVAXUSDTlong	+0.0100%	8h	11.295	long leg	$89.6M	$154.9M	75x
KuCoin AVAXUSDTM	+0.0100%	8h	11.291	−0.035%	$16.1M	$24.5M	75x	as long as short
Bitget AVAXUSDT	+0.0100%	8h	11.293	−0.018%	$34.8M	$61.3M	75x	as long as short
BingX AVAX-USDC	+0.0100%	8h	11.292	−0.027%	—	$6.5M	—	as long as short
Backpack AVAX_USDC_PERPshort	+0.0100%	1h	11.292	−0.027%	$334K	$563K	15x
GRVT AVAX_USDT_Perp	+0.0100%	8h	11.323	+0.248%	$358K	$909K	10x	as long as short
ApeX Omni AVAXUSDT	+0.0100%	1h	11.325	+0.266%	$182K	$683K	50x	as long as short
Polymarket Perps AVAX-USD	+0.0100%	1h	11.284	−0.097%	$131K	$479K	10x	as long as short
Orderly PERP_AVAX_USDC	+0.0100%	8h	11.290	−0.044%	$203K	$302K	20x	as long as short
SunX AVAX-USDT	+0.0100%	8h	11.312	+0.146%	$12K	$719K	20x	as long as short
SoDEX AVAX-USD	+0.0100%	1h	11.287	−0.071%	$19K	$72K	10x	as long as short
HTX AVAX-USDT	+0.0100%	8h	11.278	−0.146%	$362K	$1.1M	75x	as long as short
Aevo AVAX-PERP	+0.0104%	1h	11.287	−0.075%	$259K	—	3x	as long as short
BloFin AVAX-USDT	+0.0209%	8h	11.289	−0.053%	$5.0M	$8.6M	100x	as long as short
Reya AVAXRUSDPERP	+0.0244%	1h	11.276	−0.166%	$1K	—	20x	as long as short
Kraken Futures PF_AVAXUSD	+0.0254%	1h	11.298	+0.023%	$4.6M	$13.7M	50x	as long as short
GMX AVAX/USD [AVAX-USDC]	L +0.0405% / S −0.0245%	1h	11.282	−0.111%	$243K	—	120x	as long as short
Hyperliquid AVAX	+0.0620%	1h	11.312	+0.151%	$44.1M	$58.7M	10x	as long as short